In this equation Pmt is the monthly payment amounts r is the monthly interest rate and n is the number of months. When you make a payment some of it goes toward the interest charges while the rest is applied to the loan principal. Answers may vary due to rounding.
For example on auto home and personal loans.
This can be done by multiplying your average daily. Enter the payments total. P your principle amount of 1000. Interest Monthly Interest Calculator is an online personal finance planning tool used to calculate the total simple or compound interest total repayment and annual percentage rate according to the input values of Principal Time period in Months Interest Rate and Interest Type.